New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-05-23
MONEY dND BUSINESS.

Tho drouth in some parts of the West Is
n cloud no bigger than mans hand but may
mean something serious. 1t has not lasted as
long as in part OF the region near New lofk'
where market gardens and fruit are beginning
To be in danger but there arc already dispatches
Of harm TO growing crops in few localities al
the West. Tho winter was not especially IN
vorable to wheat The condition did not
improve in April. and in Ohio serious injury
was done. with less definite harm in Michigan,
Indiana. Kansas and California, but the gen.
eral state of the crops was i'll prepared for any
IocL IF rain in Nav. In spring wheat regions,
the increased acreage now seems likely 10 DO
neutralized by comparatively uniaVoraoie
weather thus far. On the other hand, cotton
prosoects appear more favorable ths "eeA.
Possibly the notion of periodical recurrence Oh
dry seasons renders men unusually nervous
about the supply of moisture this year, ana IL
is certainly too early to make calculations
based upon partial failure of crops as probable
but the weather will bear watching.
The corner in wheat, which has cOntrolledthc
market for some months making Chicago rela-
tiyeIy higher than New-York or Liverpool, has
worked much harm to mills at the West, while
the success of the spectators is yet problem
atical. During the past week the price has nd
vonced and then declined, and on the whole
coined nothing. while corn and oats are little
weaker. as are pork and lard. But the wheat
operators are supposed to be seeking oppor-
tunity to unload before new crop can
come in or its magnitude be definitely ascer-
tanned, and continued large exports, notwith-
standing the state of comparative prices. seem to
support that view. Nor are there wanting in
dications of financial anxiety among grain
GENERATORS at Chicago, where tho rate of ex-
change indicates that the demand for money Is
not exhausted.
Here the money market has changed but lit
tie. though foreign &c lange is higher, and the
treasury continues absorption. Last week II
took in 81, 500, 900 gold, 100000 silver and
5000, 900 legal tenders III excess OF payments
and at the same time increased its deposits in
banks by 81, 900, 900. Washington dispatches
saw that the demand for small silver
notes continues undated, and that they
are expected to take the place of
the standard dollars which remain
in circulation, but at interior points except
Chicago the supply of money is reported am
pie, and yet speculation in progress at many
points must temporarily require large amount.
One sign unfavorable to the monetary future
Is the expansion of imports and the decline in
exports. Last week imports were over 40 per
cent above those Of the corresponding week
last wear, and for three weeks OF May the In
crease has been 1913 per cent, while the ex-
ports of merchandise from New York for three
weeks show decline of 9.3 per cent. Similar
results elsewhere would mean heavy excess
of recorded imports over exports for May, and,
in view of recent disclosures here and at Pitts
burg as to undervaluations OF imports by Dem
ocratic officials, it is safe to say that the actual
value of goods brought in during the fiscal
year will be nearly the largest in any year OF
record.
Stocks climbed up steadily, Notwithstanding
accounts that foreign purchases have fallen
of. or have been mostly confined to few
specialties. Signs are noted of exchange
operations which are IN effect borrowing money
from abroad for few months, and large gains
in railroad earnings for May continue to en-
courage speculative buyers albeit the accounts
of probable action by the Interstate Commits
sion are not favorable. Just now the railroads
are enjoying one advantage, In cOnstru ing the
law as it suits them best, except where
they get permission TO disregard it. Stocks
rose about 70 cents on 800 during
the past week, and new securities came
forward as If the supply of capital for invest
ment were known 10 be inexhaustible. But bull
movements in wheat and in stocks at the same
time rarely last long one or the other is apt
co do Wh~a q raging real estate fever Is